The global production of iron ore has achieved an all-time high in 2011, according to a new United Nations report.
The UN report also confirmed signs of a recovery of the steel industry after the 2009 recession.
According to a new United Nations report, amount of iron ore produced globally in 2011 was 1.92 billion tons which represents a 4.7 per cent increase from 2010.
UN report also cites that among the major producers of this mineral, which is vital for steel production, are Brazil, China and Australia.
The report adds that while production increased in most regions, it declined in Europe and India.
Developing countries reportedly accounted for almost half of the total exports of the iron ore, making it the tenth year in a row of increased exports.
The UN reports also reveals that the increase in crude steel production points to a recovery since the financial crisis in 2009.
In addition, the report attributes this growth in crude steel mainly to China where production started increasing in November 2008.
The UN report shows that China’s imports of iron ore increased by 11 per cent in 2011 compared with 2010, or to 686.7 million tons, and the country accounted for 60.1 per cent of total world imports.
“Steel production elsewhere in the world was also growing though it had still not reached its pre-crisis production levels by the end of 2011.” -UN report
Iron Ore Market 2011-2013 also estimates that iron ore use will increase from 1.92 billion tons in 2011 to about two billion tons in 2012 and 2.08 billion tons in 2013.
China is the largest importer of iron ore in the world, accounting for about a third of the global market. The iron and steel industry in China has been reportedly stimulated by strong domestic demand, particularly from the construction industry, manufacturing and automotive sectors, hence the rapid growth of the iron and steel industry in recent years.